MongoDB (NASDAQ:MDB) Updates Q2 2023 Earnings Guidance

MongoDB (NASDAQ:MDBGet Rating) issued an update on its second quarter 2023 earnings guidance on Wednesday morning. The company provided earnings per share guidance of -$0.31–$0.28 for the period, compared to the consensus earnings per share estimate of -$0.14. The company issued revenue guidance of $279.00 million-$282.00 million, compared to the consensus revenue estimate of $277.85 million.MongoDB also updated its FY 2023 guidance to -$0.31–$0.16 EPS.

NASDAQ:MDB traded up $4.66 during trading hours on Wednesday, reaching $241.81. The company had a trading volume of 3,382,642 shares, compared to its average volume of 1,457,919. MongoDB has a 1-year low of $213.39 and a 1-year high of $590.00. The firm has a market cap of $16.34 billion, a PE ratio of -51.01 and a beta of 0.98. The business’s 50 day moving average price is $346.36 and its 200-day moving average price is $405.10. The company has a debt-to-equity ratio of 1.70, a current ratio of 4.02 and a quick ratio of 4.02.

MongoDB (NASDAQ:MDBGet Rating) last posted its quarterly earnings data on Tuesday, March 8th. The company reported ($1.20) EPS for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.05. The business had revenue of $266.50 million during the quarter, compared to analysts’ expectations of $243.42 million. MongoDB had a negative return on equity of 66.70% and a negative net margin of 35.12%. The business’s revenue was up 55.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.01) earnings per share. On average, analysts expect that MongoDB will post -5.48 earnings per share for the current fiscal year.

Several analysts recently commented on the company. Barclays dropped their price target on MongoDB from $410.00 to $330.00 and set an overweight rating for the company in a research report on Friday, May 20th. Canaccord Genuity Group dropped their price target on MongoDB from $560.00 to $400.00 in a research report on Wednesday, March 9th. Zacks Investment Research cut MongoDB from a hold rating to a sell rating in a research report on Thursday, February 3rd. Credit Suisse Group dropped their price target on MongoDB from $700.00 to $650.00 and set an outperform rating for the company in a research report on Wednesday, March 9th. Finally, Needham & Company LLC lowered their price objective on MongoDB from $626.00 to $362.00 and set a buy rating on the stock in a research note on Wednesday, March 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Buy and a consensus target price of $469.67.

In other MongoDB news, insider Thomas Bull sold 2,500 shares of the company’s stock in a transaction dated Thursday, March 31st. The stock was sold at an average price of $444.14, for a total transaction of $1,110,350.00. Following the sale, the insider now owns 17,904 shares in the company, valued at approximately $7,951,882.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Dev Ittycheria sold 35,000 shares of the company’s stock in a transaction dated Friday, March 4th. The stock was sold at an average price of $309.78, for a total value of $10,842,300.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 122,809 shares of company stock worth $43,079,955. 5.70% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Shay Capital LLC purchased a new position in shares of MongoDB in the 1st quarter valued at about $200,000. Penserra Capital Management LLC grew its stake in MongoDB by 23.3% during the 1st quarter. Penserra Capital Management LLC now owns 546 shares of the company’s stock worth $241,000 after buying an additional 103 shares during the last quarter. Fund Management at Engine No. 1 LLC purchased a new position in MongoDB during the 1st quarter worth approximately $251,000. Geneos Wealth Management Inc. grew its stake in MongoDB by 27.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 574 shares of the company’s stock worth $254,000 after buying an additional 125 shares during the last quarter. Finally, Beacon Pointe Advisors LLC grew its stake in MongoDB by 78.0% during the 1st quarter. Beacon Pointe Advisors LLC now owns 678 shares of the company’s stock worth $301,000 after buying an additional 297 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

MongoDB Company Profile (Get Rating)

MongoDB, Inc provides general purpose database platform worldwide. The company offers MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premise, or in a hybrid environment; MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.

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